Introduction to Accounting Information Systems
Test Preparation
Course Introduction
Introduction to Accounting Information Systems provides students with an overview of how computerized information systems assist in the collection, processing, and communication of financial data. The course explores the design, implementation, and management of accounting information systems (AIS), emphasizing their role in supporting business processes, internal controls, and decision-making. Topics include the components and functions of AIS, the relationship between information systems and accounting cycles, risk assessment, systems security, and the impact of emerging technologies. Practical examples and case studies are utilized to illustrate how AIS facilitates accurate financial reporting and supports organizational goals.
Recommended Textbook
Computer Accounting with QuickBooks 2014 16th Edition by Donna Kay
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12 Chapters
332 Verified Questions
332 Flashcards
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Chapter 1: Introduction to PFP
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28 Verified Questions
28 Flashcards
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Sample Questions
Q1) Which icon is used to add a document on your computer into QuickBooks?
A)Docs icon
B)Customer icon
C)Vendor icon
D)All of these
Answer: A
Q2) Which type of QuickBooks data file allows you to enter data and transactions?
A).QBM
B).QBB
C).QBX
D).QBW
Answer: D
Q3) Which financial statement below summarizes a company's cash inflow and outflow?
A)Statement of Cash Flows
B)Profit & Loss Statement
C)Balance Sheet
D)Income Statement
Answer: A
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3
Chapter 2: Time Value of Money
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29 Flashcards
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Sample Questions
Q1) An example of a non-posting account is ________.
A)Employee Expense
B)Inventory
C)Purchase Orders Account
D)Accounts Payable
Answer: C
Q2) How may you customize QuickBooks to fit your specific needs?
A)Make changes to the Chart of Accounts.
B)Purchase one of the various QuickBooks editions.
C)Enable security access to QuickBooks files.
D)All of these
Answer: D
Q3) What is an asset?
A)Mortgage payable
B)An amount a company owes
C)A resource a company owns
D)None of these
Answer: C
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Chapter 3: Beginning the Planning Process
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Sample Questions
Q1) When paying a bill,QuickBooks automatically:
A)Records an expense (credit)and the obligation to pay later (debit)
B)Records an expense (debit)and the obligation to pay later (credit)
C)Reduces the liability (debit)and the checking account (credit)
D)Reduces the liability (credit)and the checking account (debit)
Answer: C
Q2) The two-step approach for writing checks must be used to pay which of the following?
A)Rent Payments
B)Legal Services
C)Sales Taxes
D)None of these
Answer: C
Q3) A Check Register is a record of all transactions affecting the __________.
A)Payroll account
B)Petty cash account
C)Checking account
D)Taxes payable account
Answer: C
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Page 5
Chapter 4: Household Finance
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Sample Questions
Q1) To record a credit sale,select:
A)Create Purchase Order
B)Sales Receipts
C)Create Estimates
D)None of these
Q2) To increase collections of payments,you can use all of the following QuickBooks features,except:
A)E-mail Invoices
B)Customers with New Invoices Report
C)Customers with Overdue Balances Report
D)Reminder Statements
Q3) When a customer is billed when the project/job reaches specified milestones,what type of billing does the company use?
A)Purchase Order billing
B)Estimates
C)Progress billing
D)Normal (end-of-job)billing
Q4) Name 3 (three)reasons why a job for a customer might be "pending".
Q5) Briefly explain the difference between creating a sales receipt and creating an invoice.
6
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Chapter 5: Financial Statements Analysis
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Sample Questions
Q1) A non-inventory item is:
A)Goods purchased for resale to customers
B)An item purchased for a specific customer job
C)A service purchased from a vendor
D)A service sold to a vendor
Q2) The Inventory Stock Status by Item report is used when:
A)Vendors offer a purchase discount on inventory items
B)A list is needed of the quantity of inventory on hand and on order
C)The computers go down
D)Inventory items are physically placed in the warehouse
Q3) The Purchase Orders window is used to record which one of the following transactions?
A)A customer order to purchase goods
B)An order to purchase goods from a vendor
C)Services received but not yet paid
D)Cash purchases of supplies
Q4) What are Inventory Items,Non-inventory items,and Services? Provide examples.
Q5) Briefly describe how sales tax payments flow from customers to government entities.
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Chapter 6: Cash Flow Planning
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Sample Questions
Q1) What is purpose of Federal Form 940?
A)Summarize the amount of unemployment tax paid and due by the company
B)Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter
C)Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the year
D)Summarize of all your W-2 forms
Q2) Which one of the following is paid by both the employee and company?
A)Federal income taxes
B)State income taxes
C)FICA
D)All of these
Q3) An individual's status determines how to record payment to that individual.Which of the following status and payment method is incorrect?
A)Vendor;Bill
B)Employee;Payroll
C)Stockholder;Dividend
D)None of these
Q4) Name 3 (three)types of payroll liabilities and indicate who funds each one.
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Chapter 7: Debt
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Sample Questions
Q1) The Profit & Loss Statement lists:
A)Assets and Expenses
B)Assets and Liabilities
C)Net Income and Owner's Equity
D)Income and Expenses
Q2) The Trial Balance:
A)Lists all the company's accounts and ending balances
B)Is printed before and after making adjustments
C)Verifies the accounting system balances
D)All of these
Q3) Adjusting entries should be made ______________ preparing financial statements.
A)Before B)During C)After D)Never
Q4) Briefly explain 2 (two)differences between depreciation on a tax return and on a financial statement.
Q5) What is the difference between the cash basis and the accrual basis?
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Chapter 8: Non Financial Investments
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Sample Questions
Q1) A company's computer is classified as what account type:
A)Expense
B)Owner's Equity
C)Fixed Asset
D)Retained Earnings
Q2) Which tax form would you select for a Corporation?
A)Form 1120
B)Form 1120S
C)Form 1065
D)Form 1040S
Q3) An account's tax line determines where QuickBooks lists the account balance on the:
A)Income Statement
B)Income Tax Summary Report
C)Balance Sheet
D)Statement of Cash Flows
Q4) Name 4 (four)accounts that would commonly be used for a service company and identify the account type for each.
Q5) List 3 (three)questions asked by the QuickBooks EasyStep Interview.
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Chapter 9: Financial Investments
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Sample Questions
Q1) To record a cash purchase,use the:
A)Pay Bills
B)Write Check
C)Purchase Order
D)None of these
Q2) To record the payment of bills received from vendors,use the:
A)Pay Bills > Write Checks
B)Write Checks > Pay Bills
C)Enter Bills > Print Checks
D)Enter Bills > Pay Bills > Print Checks
Q3) QuickBooks automatically closes ________________ accounts to start each new year with a $0 balance in all _______________ accounts:
A)temporary;permanent
B)temporary;temporary
C)permanent;permanent
D)permanent;temporary
Q4) Briefly explain the difference between a permanent and a temporary account.
Q5) Briefly explain how to record an owner's investment in their company.
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Chapter 10: Risk Management
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Sample
Questions
Q1) After creating a new QuickBooks data file for an existing company and entering all the existing balances,use an opening adjustment to move the balance in the _________ account to the Capital Stock account.
A)Uncategorized Expenses
B)Uncategorized Income
C)Opening Balance Equity
D)None of these
Q2) Name 2 (two)differences between accounting for a service company and a retail shop.
Q3) When creating a new QuickBooks data file for an existing company,opening balances are added when you:
A)Customize the Chart of Accounts
B)Add vendors to the vendor list
C)Add customers to the customer list
D)Add inventory the item list
Q4) Inventory items received should be compared against:
A)Purchase order
B)Sales order
C)Supplies inventory
D)Sales receipt
Page 12
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Chapter 11: Other Insurance
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Sample Questions
Q1) Which one of the following payroll services automatically calculates the tax deductions?
A)QuickBooks Basic Payroll
B)QuickBooks Assisted Payroll
C)QuickBooks Enhanced Payroll
D)All of these
Q2) Payroll liabilities are based on:
A)Calendar months
B)Pay period
C)Check dates
D)The company's fiscal year
Q3) To enable payroll:
A)From the Company menu > Employees > Add Payroll
B)From the Employee menu > Start Payroll
C)From the Edit menu > Preferences > Payroll and Employees
D)None of these
Q4) Briefly describe how you manually process payroll forms.
Q5) List 3 (three)types for payroll liabilities and who is responsible for funding them.
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Chapter 12: Retirement Planning
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Sample Questions
Q1) The audit trail lists:
A)All deleted transactions
B)All changes to transactions
C)User ID of person entering transactions
D)All of these
Q2) For long-term projects that are to be billed,as each stage of the project is complete,the QuickBooks _________ feature should be used.
A)Progressive Projects
B)Long Term Projects
C)Projects Billing
D)Progress Billing
Q3) When creating a budget in QuickBooks,you can:
A)Create a budget that increases each monthly amount by a specific percentage
B)Create a budget from previous year's actual data
C)Create a budget from scratch
D)All of these
Q4) Briefly explain the allowance method for accounting for bad debts.
Q5) Briefly explain the direct write off method for accounting for bad debts.
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